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Who is Nyble?
Nyble is a personal finance platform. Their main goal is to help consumers build healthy credit, avoid overdraft and NSF fees, and protect themselves against identity theft.
Rather than risking a late payment and overdraft fees due to insufficient funds. Consumers can quickly access up to $150 with a Nyble line of credit. Then, help build a healthy credit history* by repaying their line of credit.
Nyble Membership Cost
The Nyble membership costs $7.99. With Nyble, users are covered for up to $100k in identity theft protection, credit monitoring through TransUnion and access credit building features through a zero-interest credit line.
Build Credit with Nyble Line Of Credit
With the Nyble line of credit, consumers can access for between $30 and $150 within a few minutes. As repayments are made, Nyble helps report the payment history to a credit bureau. The goal of the credit line is to help establish a credit history so you can qualify for other financial products down the road. It can also be used to cover a bill payment or prevent overdraft (NSF) fees that come with not having enough funds available in your bank account.
A Nyble line of credit must be approved. Anyone who pays the membership fee is not guaranteed access to a line of credit. However, Nyble does not conduct credit checks and solely based approvals on your income. Users can also choose to cancel their Nyble account at any time. Furthermore, like any other credit building products, Nyble is required to report both positive and negative payments.
Additional Nyble Perks
Nyble also has a rewards program that encourages you to build good money habits.
How Fast Can You Receive Your Money With Nyble?
Approval for the Nyble line of credit is immediate. It can take up to 3 days to receive your funds with the standard funding option. But Nyble offers an express Visa/MasterCard/Interac funding option, where you’ll receive your money within 30 minutes for a small fee starting at $2.99.
When Do You Have To Repay The Funds?
Repayment is due on the repayment date that you select. On that date, the funds will be automatically withdrawn from your bank account. If you don’t have sufficient funds in your account, Nyble will try again at a later date. Not only do on-time payments get reported to the credit bureau, but it may also increase your line of credit approval amount.
Nyble vs. Personal Loan Lenders
There are some similarities between Nyble and personal loan lenders, but there are a few differences, too. So, how is Nyble different from lenders and banks?
Build Credit History
Although many lenders check history, not all lenders report your repayment history. If you’re a newcomer to Canada or new to credit, then Nyble can quickly help you establish a trade on your credit report without the need for prior credit history.
No Credit Check Needed
Most lenders require a credit check to be conducted on applicants to verify their creditworthiness. While some lenders may offer “no credit check” loans — especially payday lenders — most conventional and online lenders don’t. If your credit score is a little low, Nyble may be a great resource to get the last-minute funds you need without worrying about undergoing a credit check.
No Interest Charged
Lenders typically charge interest on the money they lend. This is how they earn a profit. But high-interest rates can make loans very expensive. Luckily, Nyble doesn’t charge interest on the loaned funds; all you need to pay back is the original amount you borrow.
No Late Fees
Nyble does not charge any late payment fees. Pay back the money you borrow when the money is available to you; namely, on the repayment date you select.
Bad Credit Accepted
There are many alternative online lenders that offer loan products to consumers with bad credit, but conventional lenders require good credit as part of their loan criteria. With Nyble, no credit check is conducted, which means if your credit score is lagging, that won’t stand in the way of getting the quick funds you need. It may also help you re-establishing your credit if payments are made on time.
Earn Rewards For On-Time Payment
With Nyble, you can earn points just for having an account. You can redeem the points collected for cash or gift cards.
Receive A Higher Credit Limit With On-Time Payments
If you maintain a positive payment history with Nyble, you can gain access to a higher credit limit in the future.
How Does Nyble Line Work?
To access a cash advance with Nyble, follow these simple steps:
- Connect your bank account that has your income sources with Nyble. Once they approve you, you will always have access to the approved amounts. No credit checks are required.
- Based on your income, you’ll be approved for a line of credit up to $150.
- The approved funds will be deposited into your account within 3 days or as little as 30 minutes, depending on the delivery method you chose.
- Repayment is due on the repayment date you select and will be automatically debited from your account.
- Your repayments are reported to the credit bureau.
- Your credit limit can increase when you make timely payments.
Requirements To Open A Noble Credit Line
Qualifying for a Nyble credit line is easy. All you need are the following:
- An active bank account with a positive balance and direct deposit capability
- A valid telephone number
- An email address
Pros And Cons Of Nyble
The advantages of Nyble are obvious, it is an affordable credit building alternative and you can get access to quick cash without having to meet stringent lending criteria. But there are a few drawbacks to consider as well.
Pros
- Build credit. Once you are approved, your credit line payments will be reported to the credit bureau monthly.
- Fast access to cash. Your borrowed funds will be available within 3 business days. However, if you need the money within 30 minutes or less, you can choose their express delivery method, which will have a small fee starting at $2.99.
- No credit checks. Borrowers with thin credit, no credit or sub-par credit can still get approved for fast cash without the need to undergo a credit check.
- No interest. With no interest charged on the money you borrow, you’re essentially borrowing for free.
- No late fees. While payments are due by your next payday, there are no penalty fees for late payments.
- Easy to qualify for. There’s no need to meet specific credit score requirements to get approved.
- Earn rewards. Opening an account and making timely payments will earn you reward points that you can redeem for cash or gift cards.
Cons
- Membership fees. There’s a 14-day free trial when you first sign up for Nyble, but then you’ll need to pay $7.99 per month as a member.
- Short repayment term. You don’t have much time to repay your loan, as you may be expected to pay back what you’ve borrowed by the time you get paid.
- Low credit limit. You can only borrow up to $150, which may not be enough to cover your financial situation.
Other Apps like Nyble
- KOHO is an app that offers similar solutions, including:
- KOHO Cover: You can access $50 from Koho for $5 per month.
- KOHO Credit Building: For $10 per month, you can access a credit building line of credit where your monthly fee is reported to a credit bureau. This payment helps build a healthy payment history. Unlike Nyble, which requires an income, anyone can use KOHO Credit Building.
- KOHO Flexible Credit Building: KOHO also offers a second credit building program called Flexible Credit Building. This is a secured line of credit. Users must provide between $30 and $500 of security, make purchases with the line of credit, and then pay back the amount they used. These payments are then reported to a credit bureau.
Nyble FAQs
Does Nyble have an app?
How long does it take to get a cash advance from Nyble?
How do I repay my Nyble advance?
*Credit scores are based on many factors and Nyble may not be able to help users who are in a consumer proposal or bankruptcy.
